From the rise of ISIS to the fall of oil prices, CEOs around the world are at their most pessimistic than any other point in the last three years.

PwC’s 19th annual Global CEO Survey found 23 percent of CEOs (31 percent in Canada) believe economic growth will fall over the next year, and only a third are confident in their own company’s growth prospects.

“When you put it all together, the outlook for 2016 is not as encouraging as many of us would have hoped for,” PwC chairman Dennis Nally told The Associated Press in an interview. “I have to imagine that if we had done the survey in the first two weeks of January the results would have been even more gloomy. It’s not a great picture, it’s not a great outlook.”

Canadian CEOs are most concerned with increased tax burdens limiting growth, followed by geopolitical uncertainty, currency volatility and government response to fiscal deficit.

The survey was based on 1,409 interviews with CEOs in 83 countries and across a wide range of industries and sizes between September and December 2015.